Good News – The IRS is open! I hope that made everyone giddy because that’s it for the good news. Well, Congress did extend most of the tax breaks that expired last year for one more year, but I already told you that.
Bad News – The IRS is saying refunds will take about 3 weeks this year (an extra week from prior years). So much for all those tax dollars the IRS spent on new tech speeding up the process…
More Bad News – The IRS is saying budget cuts will mean slower response times and worse customer service. Worse than already?! Wow, they really set that bar high!
And the Worst News – The nasty stuff in the Affordable Care Act (ObamaCare) is going to start hitting people this tax season. Many of you will have to file new tax forms and all of you will have to show you have health insurance or face a “tax penalty” when you file your taxes this year. I put a worksheet on our website of the likely scenarios and what you will need to show us.
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Reminder for our Business Clients: Your annual payroll reports (1099’s and W2’s) are due before February. Let us know if you need assistance.